New Market appreciation rates

New Market appreciation rates and housing market information

New Market housing market information

With a population of 1,659, 666 total housing units (homes and apartments), and a median house value of $109,879, house prices in New Market are solidly below the national average.

Single-family detached homes are the single most common housing type in New Market, accounting for 64.40% of the town's housing units. Other types of housing that are prevalent in New Market include mobile homes or trailers (35.60%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in New Market. Owner-occupied housing accounts for 71.77% of New Market's homes, and 74.18% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in New Market built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in New Market built between 1940-1969 (21.87%). A lesser amount of the housing stock also hails from between 2000 and later (16.04%). There's also some housing in New Market built before 1939 (1.54%).

Vacant housing appears to be an issue in New Market. Fully 26.81% of the housing stock is classified as vacant. Left unchecked, vacant New Market homes and apartments can be a drag on the real estate market, holding New Market real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

New Market home appreciation rates

Appreciation rates for homes in New Market have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 11.29%, which ranks in the top 50% nationwide. This equates to an annual average New Market house appreciation rate of 1.08%.

NeighborhoodScout's data show that during the latest twelve months, New Market's appreciation rate, at 4.56%, has been at or slightly above the national average. In the latest quarter, New Market's appreciation rate has been 1.61%, which annualizes to a rate of 6.59%.

Relative to Alabama, our data show that New Market's latest annual appreciation rate is higher than 60% of the other cities and towns in Alabama.